Has the tide turned? Since the new Trusts Act 2019 came into effect, many people have been rethinking their traditional asset planning.
The new Act has brought about new responsibilities and disclosure requirements, and other pieces of legislation have added further complexities, making managing a trust today more expensive and complicated than ever.
Kiwi families have long been preserving and enhancing their private wealth for the benefit of current and future generations in the form of a trust, but with so many changes, ruminations have now turned to wills as the primary asset planning document.
For far too long, wills have been the underdog – undervalued and underthought of – often merely add-ons to conveyancing or other legal work carried out.
A will may seem a simple document, but in fact the drafting of a will requires a sensitive understanding of individual needs and family dynamics. It may need to be drafted and redrafted several times to get it right, but it is a robust tool for setting out express wishes for your estate.
What a person says they want and what they need may be two different things, however. So, getting legal advice is essential. It can be a complex business for executors administering a will when things are amiss. While it may seem like a bargain getting a will online, buyer beware.
Putting in the time and attention to detail will serve everyone well in the end. Your will holds your final instructions about what you want done with your assets when you die.
Perhaps now is the time to shift our thinking and recognise the true value of the humble will.